Crypto market drops 8% as Bitcoin sinks below $65,000 and $783M in longs get wiped

Crypto's combined value slid to $2.21 trillion, a drop of 8.05%, with Bitcoin trading under $65,000 by 4:02 p.m. ET Saturday. Bitcoin changed hands at $64,848, off 5.68% in 24 hours, while overall trading volume reached $86.40 billion. Bitcoin held 59.0% of total market capitalization and Ether 10.0%.

Not a single one of the six biggest assets escaped the selloff. Ether dropped 8.07% to $1,786, XRP lost 8.70% to $0.930 and BNB fell 8.13% to $584.20. Solana took the hardest hit of the group, plunging 11.19% to $70.74, while Dogecoin slid 10.98% to $0.0580. Bitcoin's decline was the mildest of the six.

The damage spread beyond the majors. In a separate ranking of 39 assets, Monero was the standout simply by holding flat, posting the group's strongest result. Aster went the other way in a hurry, notching the biggest fall in that set at 23.85%.

Leverage got torched along the way. Liquidations across Binance, Bybit and OKX added up to $783.3 million over 24 hours. Long positions made up the overwhelming share at $735.7 million, against just $47.6 million in short liquidations.